Ward Gold has an inventory of gold. The gold is currently valued at lower of cost or net realizable value at $$20$ million, $$2,000$ per ounce on $4/1/24.$ Ward wants to minimize the impact of fair value declines in gold prices by purchasing a put option with a $1$ year expiration, which it designates as a fair value hedge. The put option gives Ward the option to sell its inventory at a price of $$2,000$ per ounce. On June $30,2024,$ the price of gold decreases by $5\%$ to $1,900$ per ounce.

What entries does Ward Gold make to adjust its inventory and record the change in value of its put option.